10 facts every entrepreneur should know

10 facts every entrepreneur should know
July 10, 2016 Oasis500

“Don’t wait till Death shows up before you start learning how to live.” (Meet Joe Black)”

Below are 10 facts every entrepreneur should know as suggested by our own entrepreneurs Ruba Sa’d Abdulhadi and Badea Jaber from elmuda:

1. Focus, it’s very easy and tempting to get excited about different ideas and start investing time in different directions.
2. Google Analytics is king for the purpose of conversion rate optimization. So learn how to use it inside out.
3. Figure out a way to explain your business in one minute and try to make it relatable. Top executives in particular have no time or patience for you to gather your thoughts and spend more than a minute to explain.
4. Know when to call it quits. One key sign that you should probably close your business is when you continue to pump more and more money and time with no growth or positive results.
5. Understand the Sunk-Cost Fallacy and learn when to stop using or investing in a certain marketing tool or in a payment gateway.
6. Take up a job. As long as you are passionate about your business, you will keep investing time in it. Plus, this way, you can inject money into your company, too.
7. Don’t micromanage, give up control, you can’t possibly know everything.
8. Start looking for a tech co-founder. Now.
9. Be flexible, test ideas change in your business model when needed. Don’t be dogmatic.
10. Don’t beg for investment they are paying to be your partners and not the other way around.

Authors: Ruba Sa’d Abdulhadi and Badea Jaber, founder and Co-Founder of elmuda.


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